The Wealth of Nations Character Analysis

Bank of Amsterdam

The city-owned Bank of Amsterdam was arguably the first central bank and the most important European bank throughout the 17th century. The Bank developed an innovative approach to bank money to cope with the debased … read analysis of Bank of Amsterdam

British East India Company

The British East India Company was a joint-stock company that held a company monopoly over trade between the British Isles and India (as well as much of the rest of Asia) from the early 1600s… read analysis of British East India Company

Farmers

Smith uses the term “farmer” to refer to the people who live on, manage, and live off the revenue from agricultural land (as opposed to the landlords who own it or the laborers who actually… read analysis of Farmers

Grain Inland Traders

Inland traders are the first and by far the predominant kind of grain traders: in the 18th century, they accounted for over 95% of Britain’s corn trade. While many countries force farmers to sell their… read analysis of Grain Inland Traders

Grain Re-Exporters

Grain re-exporters (or merchant carriers) are grain merchants who engage in the carrying trade, buying from one foreign country in order to sell in another. Trade restrictions made them virtually nonexistent in 18th century… read analysis of Grain Re-Exporters

Landlords

In societies where most or all land is privately owned, landlords are the people who own that land and live off the rent that others pay them. While they tend to be passive, consuming much… read analysis of Landlords

Manufacturers

Manufacturers are people who turn agricultural raw materials (rude produce) into finished goods for others to use or consume. Compared to the other three kinds of productive laborers, they add more value… read analysis of Manufacturers

Retailers

Retailers are the shopkeepers who spend their capital buying goods from wholesalers and earn their revenue by selling those goods to consumers. They are one of the four kinds of productive labor, along with… read analysis of Retailers

Royal African Company

The Royal African Company was a joint-stock company that held a company monopoly over trade between Britain and Africa in the late 17th century. It enslaved and trafficked more people to the Americas than any… read analysis of Royal African Company

Wholesalers

Wholesalers are the merchants who buy goods and rude produce from farmers and manufacturers in bulk, then sell to retailers (who in turn sell to consumers). They are the fourth kind of productive laborers… read analysis of Wholesalers

Minor Characters

Bank of England

The Bank of England has been the UK’s central bank ever since Parliament established it in 1694. The Bank works closely with the crown to fund the British government’s activities, and in The Wealth of Nations, Smith presents several suggestions for improving it.

Christopher Columbus

Smith presents Christopher Columbus as a foolish, stubborn, bloodthirsty liar. He convinced the Spanish crown to conquer the Americas for the sake of minerals it didn’t need, just in order to enrich and promote himself.

Grain Exporters

Grain exporters are the third kind of grain merchants. They help raise domestic production levels and earn immense profits from Britain’s grain export bounty, but they sometimes export grain to higher-paying markets when the domestic market really needs it.

Grain Importers

Grain importers are the second kind of grain merchants. In the 18th century, their activity had a negligible effect on Britain’s corn market because of the high customs duties on grain imports. The only exception was during times of extreme scarcity, when imports became necessary.

Menial Servants

Menial servants are domestic workers (like maids, cooks, butlers, and so on). Smith sees them as a paradigmatic example of unproductive labor.